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Tolling of the statute of limitation As a result of the health emergency situation arising out of the COVID-19 pandemic, with effect from March 15, 2020 until further orders, India’s Supreme Court (SC), in exercise of its extraordinary powers under Article 142 of the Constitution of India, read with Article 141, has extended the period…

Introduction and implications in a nutshell As per the Reserve Bank of India’s (the “RBI”) Annual Report, the number of card payment transactions carried out through credit cards and debit cards during 2018 and 2019 was 1.8 billion and 4.4 billion, respectively. Prepaid Payment Instruments (PPIs) recorded a volume of about 4.6 billion transactions valued…

Since December 2019, the impact of the Novel Coronavirus (COVID-19) has, gradually, but incrementally, been felt in almost every country in the world. As a consequence of COVID-19, businesses have had to limit, if not completely restrict, their operations in various countries in the world, either voluntarily or under instructions from local authorities or governments. In India,…

The Novel Coronavirus (COVID-19) has affected almost every country in the world, and India is no exception. To control the spread, the Indian government has imposed a mandatory countrywide lockdown from March 24, 2020, until April 14, 2020. Only establishments and workplaces that provide essential services can continue operations, subject to adopting necessary measures to…

Covid-19, or the now infamous coronavirus, has put the brakes on life as we know it.  The large scale closure of offices and businesses globally, and now in India too, is taking a huge toll on the world economy and livelihoods.  A recession is upon us, and governments of industrialized nations have announced huge stimulus…

Since 2013, India’s central bank, the Reserve Bank of India (the “RBI”), followed a cautionary approach as regards virtual currencies, including cryptocurrencies. While it never banned virtual currencies, it issued a number of public notices and reports highlighting the risks of dealing and trading in virtual currencies. This update discusses the SC’s ruling and the future of cryptocurrencies in India.

Background and Jurisprudence Typically, independent and non-executive directors of Indian companies are not involved in the daily management or decision-making of a company. Nevertheless, under Indian company law, they are required to exercise due and reasonable care, and act in good faith and in the best interests of the company. In addition, they are required…

Rukshad Davar chalks down his key insights and takeouts from the Union Budget 2020. “The new tax proposals in the budget will significantly benefit foreign companies in India and will improve their return on investment in India. One, the removal of the dividend distribution tax at the Indian company level will leave a company with…

Introduction India’s Union Budget (the “Budget”) was announced on February 1, 2020, and the Finance Bill, 2020 (the “Finance Bill”) was tabled in Parliament. In a nutshell, the government has attempted to pay heed to the consumption slowdown and reduced the personal income tax rates up to INR1,500,000, which should give more money to wage…

At the end of December, the Indian government promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 (the “Ordinance”) to iron out certain issues faced by buyers of assets in a corporate insolvency resolution process (the “CIRP”). While the Insolvency and Bankruptcy Code, 2016 (the “Code”) has largely achieved its objectives, certain aspects of the…